Help Me!

There was a real estate convention I happen to get off my duff to attend and am I glad I did.  I actually had fun getting to know some of the noobs that were just getting into the market and some that were just getting out.

One thing they all had in common was that they were aimlessly trying to get knowledge.  I spoke to one guy in particular named John J. that told me he has a mentor.  I asked him who he was and he said it was his friend.  I wanted to get a bit more personal and found that it was a realtor friend that has been in the business for 10 + years, didn't own any inverstments but was a top producer for a local real estate group.

This is not a mentor, I tried to explain to him - in fact, his friend was just the opposite.  I explained that a mentor is someone that is significantly more successful than he is, has a business model relating to his field and follows it.  Having a mentor is much like having a baseball coach.  He teaches you how to hit, steal, and read the signs.  thats just what a mentor should be doing.

Hitting the ball is much like that of being able to get out there and find a good deal.  If you have someone that knows where to look, what to look for and the prices to be paying, they are going to make you successful in hitting your target.

Stealing the base is like.. well, stealing a deal.  Without someone to tell you when to start running, you don't know that you need to be ready to step off the base and act on the conditions.  If your too slow, you will be tagged out, so try and recognize the deals and be the first to make your move.

Finally, you have to be able to read the signs.  Without being able to understand the conditions that prompt you to do a certain action, your bound to make the wrong choice.  Knowing that when the economic signs are bad for conventional investing, this may be an indicator for you to start buying houses.  On the other hand, when the economy is booming, you may be selling off your houses and moving into bigger deals like apartments or commercial properties.

Regardless of who your mentor is, make sure they are where you WANT to be - not just financially, but also mentally, physically, and emotionally.